FINANCES SATISFACTORY’

Taranaki Daily News, 9 July 1929, Page 9

FINANCES SATISFACTORY’

COMMONWEALTH REVIEW £2,000,000 DEFICIT SHOWN DIMINUTION OF CUSTOMS By Telegraph—Press Assn.—Copyright. Received July 8, 8.30 p.m. Sydney, July 8. In a review of the Commonwealth finances the Treasurer, Dr. Earle Page, said for the year just ended there was a deficit of £2,338,000, due largely to a diminution of Customs and excise revenue, the yield from which was £41,000,000. The decrease in Customs receipts was partly due to increased protection and the use of Australian materials and to trade depression following upon the coal and timber stoppages. Adverse seasonal influences also played their part. Despite the year’s deficit the position of the Commonwealth was satisfactory having regard to the sound position of the sinking fund. Over £5.000,000 had been applied to the reduction of the Commonwealth debt and nearly £1,000,000 to the redemption of State debt.

Excluding business undertakings, the total revenue for the year would be £61,500,000, Invalid and old-age pensions cost £10,126,000, iron and steel bounties £305,000, and wine export bounty £26,00. War and reparation services, including pensions, involved £43,670,000, which actually exceeded the total Customs and excise revenue.

Special grants to Western Australia and Tasmania and road grants to all States totalled over £11,000.000.